Floating sea terminals are known in the art and have been used to eliminate the need for deep water ports for large ships to take on and discharge cargo such as oil. An offshore floating terminal having a hose connection to the shore provides a mooring for a ship and means to connect a cargo hose from the ship to the terminal. As ships will swing due to tide and wind changes, the prior art of sea terminals has found it necessary to provide complex swivel arrangements to permit the ship to swing about the terminal without fouling the mooring lines and cargo hoses. It is also known in the art to provide drilling ships carrying drilling apparatus which may be moved into position for drilling operation. However, such drilling ships which are expensive lack versatility such as storage capability.